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Cyclical consumption
Berger, Tino; Pozzi, Lorenzo - 2023
Recessions and expansions are often caused or reinforced by developments in private consumption - the largest component of aggregate demand - which, as a result, varies over the business cycle. As such, an accurate measurement of the cyclical component of consumption and an understanding of its...
Persistent link: https://www.econbiz.de/10014380708
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Advance information and consumption insurance : evidence from panel data
Pedroni, Marcelo; Singh, Swapnil; Stoltenberg, Christian - 2022 - Preliminary, April 15, 2022
incomplete markets model and find that advance information reduces households' income forecast errors by 15%. Our estimation …
Persistent link: https://www.econbiz.de/10013186823
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Intergenerational sharing of unhedgeable inflation risk
Chen, Damiaan H. J.; Beetsma, Roel; Wijnbergen, Sweder van - 2022 - This version: November 16, 2022
market instruments. Using intergenerational risk sharing arrangements, risks can be allocated better across the various …
Persistent link: https://www.econbiz.de/10013460026
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Consumption choices and earnings expectations : empirical evidence and structural estimation
Stoltenberg, Christian; Uhlendorff, Arne - 2023
In this paper, we document that households' consumption expenditures crucially depend on their expected earnings - even after controlling for realized earnings, wealth and time-invariant unobserved characteristics such as permanent income and over-confidence. To explain this evidence, we develop...
Persistent link: https://www.econbiz.de/10014249642
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Consumption choices and earnings expectations : empirical evidence and structural estimation
Stoltenberg, Christian; Uhlendorff, Arne - 2022
In this paper, we document that households' consumption expenditures depend on their expected earnings - even after controlling for realized earnings and wealth. To explain this evidence, we develop and structurally estimate a standard-incomplete markets model in which rational households...
Persistent link: https://www.econbiz.de/10013332707
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The pace of structural change, cyclical shocks and unemployment dynamics : simulations using an empirical flow model
Butter, Frank A. G. den; Dijk, Mark van - 1997
may be out of its unemployment equilibrium for quite a long time after a shock occurs.The novelty of the model is that it … decreasein job creation in response to the depreci-ation of human capitalfollowing an adverse cyclical shock, does not lead to …
Persistent link: https://www.econbiz.de/10010336861
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Educational choice, initial wage and wage growth
Mazza, Jacopo; Ophem, Hans van - 2020
We investigate the major choice of college graduates where we make choice dependent on expected initial wages and … expected real wage growth and expected initial wages across majors. Furthermore, the differences in these expectations appear …
Persistent link: https://www.econbiz.de/10012228687
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Intra-household insurance and the intergenerational transmission of income risk
Agostinelli, Francesco; Ferraro, Domenico; Qiu, Xincheng; … - 2024
This paper studies the mechanisms and the extent to which parental wage risk passes through to children's skill … not work at all, time spent with children, and child-related expenditures, we find that income risk impacts skill … childhood is hard-as available evidence suggests-uninsurable income risk can negatively impact the labor market prospects of …
Persistent link: https://www.econbiz.de/10014457814
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The minimal entropy martingale measure in a market of traded financial and actuarial risks
Dhaene, Jan; Stassen, Ben; Devolder, Pierre; Vellekoop, … - 2014
In arbitrage-free but incomplete markets, the equivalent martingale measure Q for pricing traded assets is not uniquely determined. A possible approach when it comes to choosing a particular pricing measure is to consider the one that is "closest" to the physical probability measure P, where...
Persistent link: https://www.econbiz.de/10010391547
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Heterogeneity in manufacturing growth risk
Opschoor, Daan; Dijk, Dick van; Franses, Philip Hans - 2021
We analyze output growth risk with respect to financial conditions across U.S. manufacturing industries. Using a multi …-level quantile regression approach, we find strong heterogeneity in growth risk, particularly between the more vulnerable durable …
Persistent link: https://www.econbiz.de/10012510760